Red Barn Financial Podcast

Ep. 53 - Why Your Children's Inheritance Shouldn't Drive Your Retirement

Thank you to Mary who commented on my YouTube video saying "Your kids would rather inherit the 401k, they don’t get squat of your pension."  Thank you @MaryLopez-em3rc 

I respond to that question explaining that while I understand the comment and Mary can be correct, it could cost you more by not having a pension.   The ideal retirement would have both, but a pension or a guaranteed income stream is really important. 

If you want to see the visuals, check out the YouTube version of this podcast.   https://youtu.be/8JZO_-_b4T4 

We here at Red Barn Financial can help you choose the best solutions for you.  Reach out at www.redbarnfinancial.com or call or email us at 615-619-6919 and smoran@redbarnfinancial.com respectively.

Disclaimer: The information on the Red Barn Financial podcast is not tax, legal or investment advice. Prior to making any important financial decisions, it is important to consult a financial advisor.

Ep. 52 Level Up Your Business - An Interview with Pepper Bethel of The TPI Group

Pepper is a veteran of the US Navy and is the Director of Operations at TPI Group.

Founded in 1994, TPI Group is one of the largest accounting, financial advisory and business development firms in the DC Metro area. We offer a progressive and holistic approach by serving individuals, families and business owners with tax-efficient strategies tax advice, as well as safe and secure financial planning options.

With long-standing ties to the DMV community, we are your trusted single point of contact for all your personal and professional accounting, financial, and business needs. Our highly skilled team of Certified Public Accountants, IRS Enrolled Agents, Tax Attorneys, Financial Advisors and Business Consultants provide legal advice and serve our clients in the areas of tax preparation, tax planning, financial planning, business accounting, business planning, debt counseling, bookkeeping and estate planning.

If you would like to connect with Sean Moran feel free to reach out via the following avenues:

Phone:  615-619-6919

Email:  smoran@redbarnfinancial.com

Web:  www.redbarnfinancial.com 

Disclaimer: The information on the Red Barn Financial podcast is not tax, legal or investment advice. Prior to making any important financial decisions, it is important to consult a financial advisor.

Ep. 51 - What Does A Financial Advisor Actually Do?  

In this episode of the Red Barn Financial Podcast, Sean Moran talks about things you should expect your financial advisor to do.  Gone are the days of an advisor just holding your money and trying to grow it.  You should expect more.

If your advisor isn't making the cut, you should look for a new one.  We would be happy to interview for the position.

Learn more at www.redbarnfinancial.com or schedule a consultation at Calendly.com/spmoran or by emailing Sean at smoran@redbarnfinancial.com 

Disclaimer: The information on the Red Barn Financial podcast is not tax, legal or investment advice. Prior to making any important financial decisions, it is important to consult a financial advisor.

Ep. 50 - The Benefits of Hiring Your Children to Work for Your Company

Should you hire your children to work for your business?   There are a lot of great reasons to do so.  You need to follow the rules and make sure you are paying your children a fair amount for a value added service to your business.  If that's the case, then it could save taxes for you and set your child up for future financial success on top of teaching them valuable life skills.

Disclaimer: The information on the Red Barn Financial podcast is not tax, legal or investment advice. Prior to making any important financial decisions, it is important to consult a financial advisor.

If you would like to speak to us about the potential to become a client please contact Sean Moran at 615-619-6919 or via email at smoran@redbarnfinancial.com  To learn more about Red Barn Financial visit redbarnfinancial.com  

Ep. 49 Take These Steps Prior to Buying a House

Prior to buying a home, you need a plan.  In order to make sure you can afford your home you need to do some research on the house you can afford.  You need to save, plan and set yourself up for success.   On this episode of the Red Barn Financial Podcast, I'll share some of the strategies you may want to employ prior to buying a house.

Disclaimer:  The information on the Red Barn Financial podcast is not tax, legal or investment advice.  Prior to making any important financial decisions, it is important to consult a financial advisor.

If you would like to know more about Red Barn Financial or schedule a meeting, please contact us in one of the following ways:

smoran@redbarnfinancial.com

615-619-6919

www.redbarnfinancial.com 

Ep 48. Think Twice Before Putting Real Estate in Your Retirement Account

If you were thinking about putting real estate in your IRA or 401k you need to listen to this.  It may not be a good decision and it's one that could cost you financially in the long run.

Consider the tax costs, the inability to use the property and the issues with selling or transferring it out of your retirement account.   All this and more will be discussed in this episode.

Disclaimer: The information contained in this podcast is not tax, legal or investment advice. Consult a financial advisor before making any financial decision.

If you would like to speak to us about the potential to become a client please contact Sean Moran at 615-619-6919 or via email at smoran@redbarnfinancial.com  To learn more about Red Barn Financial visit redbarnfinancial.com  

Ep.47 The Pros and Cons of CDs as an Investment Option

Many people are turning to CDs as a safer way to save money right now, but is it really the best option?   In this episode of the Red Barn Financial Podcast, we explore the pros and cons of Certificates of Deposit (CDs) as a savings vehicle.

Pros:

Interest Rates are higher than they have been

Less risky in the short term than stocks

Short term CDs are yielding close to 5%

Cons:

Liquidity

Taxes will eat into your earnings

Getting out early could cost you interest/yield

If you are invested in CDs and the stock market rallys you could miss out.

Disclaimer - The information in this podcast is for educational purposes only.  It is not tax, legal or financial advice.  Everyone's financial situation is different.  If you have questions about your financial situation, contact us at redbarnfinancial.com email smoran@redbarnfinancial.com or call 615-619-6919

Ep.46 The Power of Giving - Why it's so important to have a giving heart

In this episode of the Red Barn financial we do something a bit different and talk about the importance of giving of your money.  We look at the biblical value of tithing and how it applies.

Some of the verses discussed include:

Malachi 3:8-14

Matthew 23:23

Luke 21:4

Proverbs 3:9-10

Disclaimer:  The Red Barn Financial podcast is for informational purposes only and is not tax, legal or financial advice.   If you would like to learn more about how we can help, please reach out to Sean Moran at 615-619-6919 or email smoran@redbarnfinancial.com

To learn more about Red Barn Financial please visit redbarnfinancial.com

Are you able to weather the financial Market Storm?  Much of it depends on what you do during econoimic downturns and what your risk tolerance is.

If you would like to check out your Risk Tolerance, you can do so here:  https://forms.office.com/r/PBJPmFAzVM

If you worry when the market goes down, you are likely to lose money.  It's a natural reaction, but it's counter intuitive to the way the market goes.  If you get out when the market goes down, you suffer losses and then when you are waiting on the sidelines and the market goes back up, you lose money which will result in less of a return in the long run.

If you want to learn more, check out www.redbarnfinancial.com or reach out for a complementary conversation at www.calendly.com/spmoran  You can also call or email Sean Moran at 615-619-6919 and smoran@redbarnfinancial.com respectively.

Disclaimer- The information in this podcast is for informational purposes only.  Each person's financial situation is different.  You should consult a financial advisor before making important money decisions.  The information in this podcast is not tax, legal or investment advice.  

Don't Run Out of Money In Retirement.

When you are saving money and not withdrawing from your account it isn't important in what order gain years and loss years occur, you end up in the same place.  When you are retired and you start drawing on those investments is when it can all go wrong.  This is called Sequence of Returns risk.

In this Podcast video, I share what can go wrong that is out of your control and how you can plan to avoid running out of money with a simple technique that just requires you to plan ahead.

For example purposes, imagine you start out with $500,000 and you need to take out $100,000 per year.  With no gains or losses that money would last you 5 years.  Let's assume the first year your money lost 50%, you are now at $250,000, so the money will only last you 2.5 years.  If you could instead not take out the $100,000 in that year and the following year the market recovered back to the $500,000, your money can last double what it would have otherwise lasted.

Here are the spreadsheets attached, or reach out to smoran@redbarnfinancial.com for the actual spreadsheet.

Disclaimer: The information contained in this podcast episode is not tax, legal or financial advice.  Each person's circumstances are different and what might work for one person may not for another.  Reach out to learn how this might apply to your situation, or contact another competent financial advisor.

Ep. 43 How To Invest Your Values with Todd Roitfarb of SeekInvest

In this episode of the Red Barn Financial Podcast, Sean interviews Todd Roitfarb of SeekInvest.

Todd shares why he created this software and what it can do for people who want to make sure they are investing in such a way that meets with their values.   You may have heard of ESG, but does it really meet with your financial goals?  Are the screening mechanisms used by your favorite ESG fund the same as you would use?   If not, Todd's software can help.   

Financial advisors, CPAs and other advisors as well as individual investors would benefit from checking out Todd's software.

Check out SeekInvest at https://seekinvest.com/ or contact Todd's team at team@seekinvest.com

Disclaimer:  This podcast is not tax, legal or financial advice.  Each person's financial situation is their own.  No part of this interview should be considered an endorsement of SeekInvest and each person or advisor should evaluate whether it meets with their needs.

If you would like to speak with a financial advisor, reach out to Sean Moran at Red Barn Financial in the following ways:

smoran@redbarnfinancial.com

www.redbarnfinancial.com

615-619-6919

Ep 42 Dont Make This Expensive Retirement Saving Mistake

I have a client that engaged me to provide tax planning ideas so they can save taxes.  Their current financial advisor does not provide tax planning as an offering, so they wanted someone who does, so they engaged me for this service.

Upon gathering information, I learned that the husband is contributing to a Roth IRA.  Generally that is a good thing, but if you make more than $228,000 (married filing jointly) in 2023 you don't qualify to contribute to a Roth IRA.  This family does not qualify.

The IRS levies a penalty of 6% for each year that you do not fix a Roth IRA contribution when you aren't eligible to make one.  In order to fix this issue, you must take out the money and pay taxes on the growth.  If you didn't remedy it by the filing date of the year in question, you are subject to the 6% penalty as well.  Each year you don't fix the issue costs you another 6%.  For example:  If you put $1,000 into your Roth IRA and didn't fix it you would owe $60.  If you didn't fix it the next year you pay another $60 and that penalty continues for up to 6 years.  You also need to pay taxes on the growth because you would have been subject to tax on the gains realized if you had invested in a taxable account.

If you need help with this issue or any other financial planning needs, feel free to contact Red Barn Financial at 615-619-6919 or email Sean Moran as smoran@redbarnfinancial.com.  You can also learn more about Red Barn Financial at www.redbarnfinancial.com

Disclaimer:  The information contained in this podcast is for informational purposes only.  It is not tax, legal or financial advice.  Information is considered accurate at the time of recording, but any changes in tax or financial law may impact the content.  It is the listener's responsibility to make sure they understand and agree with the information or reach out to a financial or tax advisor to understand their situation.

roth ira, retirement planning, financial advisor

Too Many People just start investing in stocks, mutual funds, ETFs and bonds without a plan in place for what that truly means. 

They don't think of the order in which they need to organize their financial life and this lack of planning will result in unintended consequences.

The first thing you need to do is look at your protection needs.  First and foremost if you have a family you need to protect them in the event something were to happen to you.  You need to make sure you have life insurance, you have the right considerations in your will and you are confident that you have the right protections of your assets such as car insurance and homeowners.  Pay for what you need and don't pay for what you don't need.

Want to know more, find us at www.redbarnfinancial.com

Call us at 615-619-6919 or email Sean at smoran@redbarnfinancial.com

Disclaimer:  The information in this podcast is for educational purposes only and is not tax, legal or investment advice.  Reach out for answers to specific questions.

Episode 40 - The Current State of Mortgages - An Interview with Daniel Cruz of Music City Mortgage.  

In this episode Daniel Cruz shares how he went from Financial Advisor to Mortgage Broker and Housing Consultant.  He shares tips and advice on how to make sure you are setting yourself up for success in your home buying plan.   Daniel has a passion for connecting and helping people make the best decisions.  

Check out Daniel at https://musiccitymtg.com/ and connect with him on LinkedIn at https://www.linkedin.com/in/danielcruzpreferredrate/

Disclaimer:  The views expressed by guests of the Red Barn Financial Podcast are their own and may or may not express the opinions of Red Barn Financial.  This podcast is for informational purposes only and is not tax, legal or financial advice.

Learn more about Red Barn Financial and Sean Moran at www.redbarnfinancial.com

Ep. 39 - How to Create a Budget You Can Stick To

In this podcast episode we will talk about the importance of creating a budget and how you can use your budget to help improve your financial situation.

Everyone should have a budget.  It's a way to look at what you believe you will spend and compare it to what you are actually spending.  When you create a budget you are able to see where you are spending more than you expect and where you are not spending as much.   You can take the wins and reallocate it to other areas.

If you aren't budgeting on a monthy or at least quarterly basis then your financial planning is not in control.   

You also want to make sure that you are putting money away for future goals as a part of your budget.  Pay yourself first as if it's a bill.  

Getting your financial lifestyle under control will reduce stress and help you acheive goals.

If you need help, reach out to us at www.redbarnfinancial.com email smoran@redbarnfinancial.com or call us at 615-619-6919

Disclaimer:  The information contained in this podcast is not tax, legal or financial advice.  Consult a financial advisor like Red Barn Financial for questions and strategies that apply to your situation.

Ep 38 - Are You Costing Yourself Money by Doing This?

This Poor Investing Strategy Will Leave You with Less Money.  Timing the market is usually going to leave you with less money than staying the course and investing in a diversified portfolio.

If you decide to try to time the market you will surely miss out on major gains.  You might miss some downturns, but the chances are you will end up with less money.  Learn how this happens to so many people in this episode of the Red Barn Financial Podcast.

Ep. 37 This Could Happen To You if You Don't Update Your Beneficiaries

It is important that you update your beneficiaries at least every other year, but definitely when a life change happens.  If you don't do this it could leave unintended consequences should something happen to you.

I give several real life examples of situations I have seen and I'll give you another one.  When I was single I put my youngest sister who is 8 years younger as my beneficiary for my 401(k).  When I got married I made sure I changed the beneficiary to my wife, but if I hadn't and something happened to me, then my sister would have received that sum.  It can be an unintended result and it can be costly to fix, especially if one party isn't interested in working with the other to resolve it.

Disclaimer:   The information in this podcast is for general knowledge and is not tax, legal or financial advice.  Please consult a financial advisor before making any major financial decision.

If you would like a consultation with us, please reach out at 615-619-6919 or email smoran@redbarnfinancial.com.  To learn more about our company please visit www.redbarnfinancial.com 

Ep. 36 Pension vs 401k - Which is More Valuable?

In this episode of the Red Barn Financial Podcast I will compare and contrast a pension and 401(k) plan.

At their basic level a 401(k) is a stack of money and a pension is a guaranteed paycheck.  Which would you prefer $200,000 in cash or $1,000 per month for the rest of your life?  Assuming you were going to spend the $1,000 per month and you were going to earn 5% on your $200,000.  After 24 years your $200,000 would be down to $0.  Your pension would keep on paying and likely it would also have a built in cost of living adjustment.  In this scenario the pension would be the better choice.

In contrast, if you took the $200,000 and you died 2 years later your family would have about $190,000 in cash left, whereas a pension that pays you for life you would have nothing to give to your family.   Is there a third solution that can do both?  There are some strategies that can.  Reach out and I'll be happy to share them with you whether you want to work with me or not.

To learn more about Red Barn Financial visit us at www.redbarnfinancial.com call 615-619-6919 or email smoran@redbarnfinancial.com 

What can happen if you don't keep your beneficiaries up to date?

In this episode I explore two different scenarios of many possiblities that can happen if you don't keep your beneficiaries up to date and you don't have a will.

We will talk about what happens if a person inherits property but doesn't put it in their name or what could happen to someone who dies with their parent and they were supposed to be a beneficiary of their parent's estate.

Disclaimer: The information in this podcast is not meant to be tax, legal or investment advice.  Everyone's situation is different.  The purpose here is for you to consider your situation and get the advice and support you need so that unwanted consequences don't happen if something happens to you unexpectedly.

If you would like to discuss your situation as it applies to this topic or any financial planning topic, please reach out to us at smoran@redbarnfinancial.com or call 615-619-6919.

For more information on Red Barn Financial please visit www.redbarnfinancial.com 

I received a question from a client who I helped file their tax return.  They got an email saying that their payment confirmation was on One Drive and they could view it.  

Here is the IRS' official position on their communication with taxpayers:  "The IRS does not use email, text messages or social media to discuss tax debts or refunds with taxpayers."

You can learn more here:  https://bit.ly/3KTOOBA 

Red Barn Financial is a financial advisory firm that serves clients in the Nashville Metro area locally as well as clients throughout the country virtually.  To learn more about Red Barn Financial visit www.redbarnfinancial.com or contact us at 615-619-6919

Disclaimer:  Information provided on this podcast is not tax, legal or investment advice.